§ 2009. Powers and duties of Commissioner
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 2009
§ 2009. Powers and duties of Commissioner
1. Notify the Oklahoma Property and Casualty Insurance Guaranty Association of the existence of an insolvent insurer not later than three (3) days after notice of the determination is received. The Association shall be entitled to a copy of a complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that the complaint is filed with a court of competent jurisdiction; and
1. Suspend or revoke, after the notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five percent (5%) of the unpaid assessment per month, except that no fine shall be less than One Hundred Dollars ($100.00) per month;
Credits
Laws 1980, c. 362, § 9, emerg. eff. June 27, 1980; Laws 2010, c. 159, § 8, eff. Nov. 1, 2010.
36 Okl. St. Ann. § 2009, OK ST T. 36 § 2009
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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